The latest statistics from the Greater Albuquerque Association of Realtors (GAAR) paint a very rosy picture and also reflect growing optimism being expressed nationally.
Just yesterday, a new three-year forecast from the Urban Land Institute Center for Capital Markets and Real Estate demonstrated that the real estate industry is expected to remain on a sustainable course for solid growth for 2015 through 2017.
There are a number of facts behind this reasoning, including rapid net job growth and slightly more generous lending practices.
Closer to home, the recently published GAAR statistics for March show that home sales are continuing to grow, with an almost 19% improvement in closed sales and a 16% rise in pending sales on the same period last year.
The inventory of available homes continues to be an issue, as increasing demand inevitably pressurizes supply levels. Active listings were down a significant 9.46% on last year. New listings also dropped by 3.41% for the same period. Given the rise in sales that's being experienced right now, this represents a fantastic opportunity for those considering a house sale to go ahead and list straight away - competition is dropping at the same time as buyer sentiment is growing, with reports of multiple offers for the same home.
It's therefore not at all surprising to also be able to report that the average sales price for the area has increased by 3.65% and the median figure has also moved up by 2.94% on March 2014. Potential buyers are therefore strongly advised not delay their purchasing decisions as all the indicators suggest that not only will prices continue to rise in the short term, but also, given yesterday's national news, for the foreseeable future as well. Rising prices also mean that you are very likely to accrue equity in your new home almost from the moment you move in. With mortgage rates staying low and other incentives such as low down payment options, has there ever been a better time to start home ownership!
At Everest Peak Realty, we would be delighted to ride the crest of this exciting wave with you, if you're buying and/or selling. Call us today and discover how we are uniquely placed help you to maximize the wonderful real estate opportunities in the Albuquerque area right now.